CHICAGO — The Terra Foundation for American Art has sold the retail portion of the Ritz-Carlton Residences Chicago Magnificent Mile for $86.6 million to New York-based Acadia Realty Trust. The 18,141-square-foot, two-story property, which is located 664 North Michigan Ave., housed the Terra Museum of American Art until 2004. Tommy Bahama and Ann Taylor occupy the majority of the retail space and account for 85 percent of the property’s net operating income.
COLORADO, SPRINGS, COLO., MARINA DEL REY, CALIF. – Target has purchased two cookware companies, one based in Colorado Springs and the other in Marina Del Rey, for undisclosed sums. Chefs Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. It maintains an online and retail outletout of Colorado Springs. Cooking.com is based in Marina Del Rey and offers more than 60,000 cookware and kitchenware products, as well as recipe and menu collections. The two businesses will be combined to create a new, wholly owned subsidiary of Target.They will continue to operate under their current names.
ATLANTA — Solon Mack Real Estate has acquired Bethesda Walk, a 68,271-square-foot shopping center in the Lawrenceville submarket of Atlanta, anchored by a Walmart Neighborhood Market. The center is located at the intersection of Lawrenceville Highway and Bethesda School Road. Margaret Caldwell and Kris Cooper led the Jones Lang LaSalle team that represented the seller, DLC Management Corp., in the transaction.
COLLEGE STATION, TEXAS — Cleveland, Ohio-based ka architecutre has finished the construction of the one-level, 400,000-square-foot renovation at Post Oak Mall in College Station. CBL & Associates Properties Inc. is the mall's developer, as well as its owner and manager. The new design includes an updated food court, new entrances, new flooring and lighting throughout the mall concourses, improved signage and a new logo.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged the sale of a 5,814-square-foot shopping center located at 12703 Alief Clodine in Houston. Mark McGinley of Coldwell Banker represented the seller, a federal credit union, in the transaction. Mohammed Ladjevardian of United Real Estate represented the buyer.
COLORADO, SPRINGS, COLO., MARINA DEL REY, CALIF. – Target has purchased two cookware companies, one based in Colorado Springs and the other in Marina Del Rey, for undisclosed sums. Chefs Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. It maintains an online and retail outlet out of Colorado Springs. Cooking.com is based in Marina Del Rey and offers more than 60,000 cookware and kitchenware products, as well as recipe and menu collections. The two businesses will be combined to create a new, wholly owned subsidiary of Target. They will continue to operate under their current names.
LEWISBURG, TENN. — Marvin’s Building Materials and Home Centers has leased 30,000 square feet in the Parkway Shoppes Plaza at the intersection of Highway 431 and US31A/TN11 in Lewisburg. The store will feature a 30,000-square-foot home center, as well as an attached lawn and garden center and drive-through lumberyard. The store will offer a complete line of building materials, electrical, plumbing, paint, millwork, hardware, tools, and lawn and garden products. Marvin’s currently operates 27 stores in Alabama, Mississippi, Georgia and Tennessee. The Shopping Center Group represented the owner, Hearthstone Properties LLC, in the transaction.
SPRING HILL AND DAVENPORT, FLA. — Marcus & Millichap has arranged the $4 million sale of Highway 19 Self Storage, a 386-unit self-storage facility in Spring Hill, and Secured Storage, a 320-unit self-storage facility in Davenport. Built in 2000, Highway 19 Self Storage is located at 1000 Commercial Way and includes 41,206 square feet. Secured Storage was built in 1999 and is located at 2825 Jacks Road. Ray Turchi and Christopher Travis of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Dan Burkons and Richard Schontz of Marcus & Millichap represented the buyer, also a limited liability company.
MILLVILLE, N.J. — Marcus & Millichap has arranged the sale of Save-A-Lot Plaza, a 33,705-square-foot, grocery-anchored shopping center in Millville, for $1.7 million. The shopping center is located at 622 N. Second St. and is co-anchored by a 17,205-square foot Save-A-Lot supermarket and an 8,100-square-foot Family Dollar. Other tenants include Little Caesars Pizza and a Chinese restaurant. At the time of the sale, the property was 82 percent occupied. Save-A-Lot Plaza was redeveloped in 2008 for its current anchor tenants. Brad Nathanson, senior director in Marcus & Millichap’s Philadelphia office, secured the buyer, a Pennsylvania-based limited partnership. New Vistas Corp. represented the seller, a New Jersey-based financial institution.
BROKEN ARROW, OKLA. — Johnson Capital has arranged a $4.2 million loan to refinance the Mayfair Shopping Center, a 64,935-square-foot shopping center, and a ground lease held by Arvest Bank in Broken Arrow, a suburb of Tulsa. Jason Pumpelly of Johnson Capital's Dallas office, along with Brett Patrick of the firm's Tulsa office, arranged the 10-year loan through Morgan Stanley. The loan has a 30-year amortization schedule and a fixed rate of mid 4-percent.